*Data updated daily at 18:00 EAT
Zofi Cash, a Ugandan salary advance financial platform developed to address employees’ challenges of financial emergencies, has raised a USD 1 M pre-seed round from Nigeria-based investors Advancly. The fresh funding will enable the fintech to expand its salary advance services to cater to a significant backlog of more than 20,000 employees who are currently on the waiting list.
Founded in 2021, Zofi Cash is an early wage access platform that enables employees to access their wages before payday or whenever emergencies strike and cannot wait. The fintech offers salary advances at low-interest rates based on the number of days you hold your loan before your payday. The interest rates vary according to the number of days advanced to a client before they are paid.